Matthew Schweizer Accounting 255 OL Lesson 5 : Using other accounts in QuickBooks Review questions 1 Accumulated depreciation is typically set up as what type of account in QuickBooks? a A subaccount of a fixed asset account 2 Equity type accounts would be used to track which of the following? d All of the above 3 Which of the following would likely be considered a long-term liability?

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Unformatted text preview: a Vehicle loan 4 Retained Earnings is defined as which of the following? d The accumulation of a company's net income or loss from its start date 5 Which of the following would not decrease the value of a company's equity? d The company taking a loan out to purchase a new asset...
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